Sahara employees repose faith

The front-page news splash about the Supreme Court issuing arrest warrant against Sahara Group chief Subrata Roy does not seem to have shaken Sahara employees or their confidence in the company’s future.

It was business as usual at Sahara Sahar, the sprawling estate in the posh Gomti Nagar area, where Roy’s residence and the Group’s corporate communication wing are located. Since it was public holiday on Thursday on the occasion of Shivratri, the offices of Sahara Group companies were also closed, but the corporate communication wing works on all days and the activity was just like any other day.

On Wednesday, Roy had failed to appear before the Supreme Court in a case related to the refund of about Rs 20,000 crore to investors. Expressing displeasure, the apex court directed that Roy be arrested and produced before it on March 4.

 

While many in Sahara are concerned about the long-drawn case as well as bad press, the employees that Business Standard spoke to reposed full faith in the Group, while refraining to comment on the SC directive. “Has there been any aggrieved party in person against Sahara or has there been any police case registered against it over non-payment? Has there been any public demonstration or dharna against the company? None,” a Sahara employee retorted while alleging a conspiracy behind the whole episode. He added the Group would emerge stronger from the challenging times it has been facing. “There have been some difficulty in the past, but Sahara has always come out unscathed. The company is not indulged in impropriety or wrongdoing as made out to be.”

A senior Sahara official also said there was a feeling among employees that the Group was being unfairly targeted by vested interests.

“Even when Sahara has paid over Rs 5,000 crore to Sebi (Securities and Exchange Board of India) for repayment to investors, Sebi has not repaid this money. This creates doubts of an external pressure working against the company,” he noted.

“Several employees themselves have been investing money in Sahara and claim to have never faced any payments defaults,” said the former senior executive of a Sahara Group company. He, however, observed the company could have resolved the matter amicably and things were ‘mismanaged’ that it reached such a pass.

Since Sahara India Group is a Lucknow-based company, the locals have an emotional attachment towards the Group. A post on Facebook by a local businessman read: “I want to ask Sebi & Hon’ble Supreme Court, if Sahara has not paid money to more than three crore investors, then why not a single investor is coming forward that he has not received his invested money back? It’s 100 per cent sure now that someone in the high power of corridors is after Sahara to tarnish the company’s image.”